Corporate Information

Press Release (Aug 03,2004)
FY2004 First Quarter (April-June) Results
August 3, 2004 

Tokyo- Tokyo Electric Power Co. (TEPCO) reported today consolidated 
ordinary income of ¥84.8 billion for the first quarter of fiscal year 
2004, an increase of ¥95.1 billion over the same period of the previous 
year (¥78.1 billion, an increase of ¥90.2 billion on a non-consolidated 
basis; all figures below in parentheses are non-consolidated figures). 
Operating revenues were ¥1,151 billion, up 0.9 percent (¥1,121.3 billion, 
up 0.8 percent). Net income also increased by ¥62.7 billion to ¥54.1 
billion compared to the same period of the previous year (¥50.1 billion, 
an increase of ¥58.8 billion).

The total volume of electric power sold during the quarter increased 1.6 
percent from the same quarter of the previous year to 66.5 billion kWh, 
due to increased demand for air-conditioning caused by higher than normal 
temperatures in mid-to-late May and late June, as well as a rise in 
industrial demand due to the continuing recovery of industrial production.
Of the total, sales to residential users increased 2.7 percent to 20 
billion kWh, sales to commercial and industrial users rose 1.9 percent to 
17.8 billion kWh, and sales to eligible customers* were also up 0.6 
percent to 28.7 billion kWh.

In the electric utility business, revenues from electricity sales 
declined 0.1 percent to ¥1,078 billion, despite an increase in the volume 
of electricity sold, due mainly to the absence of revenue from fuel cost 
adjustments during the current quarter, in contrast to the recording of 
such adjustments in the same period of the previous year. After including 
revenues from inter-company power sales and power sale to other companies, 
TEPCO registered consolidated operating revenues of ¥1,151 billion, an 
increase of 0.9 percent (¥1,121.3 billion, up 0.8 percent) and ordinary 
revenues of ¥1,159 billion, a rise of 0.8 percent (¥1,125.9 billion, up 
0.8 percent).

Turning to expenses, TEPCO was able to reduce ordinary expenses by 7.4 
percent to ¥1,074.1 billion (¥1,047.7 billion, down 7.2 percent) due to 
decreased fuel costs for thermal power generation and the decreased cost 
of electricity purchases which both resulted from resumption of nuclear 
power generation, although repair and maintenance expenses increased due 
to inspections and repairs at nuclear power plants. In addition, TEPCO 
worked hard to further improve efficiency and cut costs across the entire 
range of its operations, including reductions in personnel expenses 
achieved mainly through cuts in retirement allowances, and reductions in 
depreciation expenses resulting from restraint in plants and equipment 

*Eligible customers are those in the deregulated sector of the retail 
market. They represent 500kW or more of demand and 20kV or more of the 
voltage supplied in principle.

Please note that the above purports to be an accurate and complete 
translation of the original Japanese version prepared for the convenience 
of our English-speaking audience. However, in the case of any discrepancy 
between the translation and the Japanese original, the latter shall 

Summary of 1st Quarter Results
Summary of Non-consolidated Results(Income and Expenditure Comparison)
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